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France showing more resilience in recession than other G7 countries, says Gurría

04/06/09 - France is showing more resilience during the recession than other G7 countries even though growth will be close to zero for several more quarters, OECD Secretary-General Angel Gurría said (speech only available in French).

Speaking at a joint briefing on structural reform with Christine Lagarde, France’s Minister of Economy, Industry and Employment, Mr Gurría said unemployment and the public deficit – in France and elsewhere - will continue to rise.

He added that the French stimulus plan should support growth and jobs in the short run but over the medium term increasing the employment rate and reducing inefficient public expenditure were crucial.

Christine Lagarde said many of the reforms the French government had put in place over the past two years were in line with the OECD’s views. These included temporary reductions in payroll charges and help for companies hiring unemployed youths. She said the financial crisis was forcing governments to push further ahead with reforms.

Christine Lagarde, France's Minister for Economy,
on sustainable recovery from the crisis.